9 Best South Dakota Mortgage Lenders of 2021
NerdWallet helps you make a smart decision when it comes to choosing a South Dakota mortgage lender best-suited to your needs.
Last updated on January 20, 2021
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With abundant natural beauty and a low cost of living — especially when it comes to housing— South Dakota is a great place to call home. Choosing the best mortgage lender when you buy or refinance a home can help you settle into the environment with peace of mind.
NerdWallet has researched the leading mortgage lenders in South Dakota and chosen the best in several high-demand borrowing categories.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
9 Best South Dakota Mortgage Lenders of 2021
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
5.0 /5Home loans overall | 620 | 3% | ||
4.5 /5Home loans overall | 620 | 1% | Learn more at Rocket Mortgage, LLC | |
4.5 /5Home loans overall | 620 | 3% | Learn more at Veterans United | |
 Fairway Independent Mortgage: NMLS#2289 Learn more at Fairway Independent Mortgage | 2.5 /5Home loans overall | 620 | 3% | Learn more at Fairway Independent Mortgage |
4.5 /5Home loans overall | 620 | 3% | ||
5.0 /5Home loans overall | 620 | 5% | ||
4.0 /5Home loans overall | 620 | 3% | ||
5.0 /5Home loans overall | N/A | 0% | ||
4.0 /5Home loans overall | 620 | 3% |
Why We Like ItRate boasts a streamlined application process, with full underwriting in as little as one business day, though average fees are higher than many competitors’.
Pros
- Fully underwritten mortgage approval in as little as one day for qualified borrowers.
- Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
- Advertises a HELOC that can be funded in as few as five business days.
Cons
- Origination fees are on the high side, according to the latest federal data.
- HELOC requires immediate, full withdrawal of funds.
Learn more
at Rocket Mortgage, LLC
Rocket Mortgage, LLC: NMLS#3030
4.5
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
1%
Why We Like ItRocket Mortgage is the largest mortgage lender by volume, standing out for its range of affordable borrowing options, down payment assistance and closing cost credits.
Pros
- Reported average time to close is 15 days faster than industry average.
- FHA and VA loans make up 40% of Rocket Mortgage’s total loan volume.
- Borrowers can apply via mobile app.
Cons
- Origination fees are on the higher end, according to the latest federal data.
- No construction or renovation loans.
- Physical branches are only available in Detroit, Cleveland, and Phoenix.
Learn more
at Veterans United
Veterans United: NMLS#1907
4.5
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItVeterans United is the largest VA loan lender in the country, accounting for nearly a third of all VA loan originations. Most likely to appeal to veterans and servicemembers.
Pros
- 24/7 customer service line supports servicemembers stationed internationally.
- Niche VA products, including refinances, EEMs and VA jumbo loans.
- Maintains a network of real estate agents experienced with VA borrowers.
Cons
- No HELOCs or home equity loans.
- No renovation loans.
- No live chat feature on website.
Learn more
at Fairway Independent Mortgage
Fairway Independent Mortgage: NMLS#2289
2.5
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItFairway Independent Mortgage Corporation has many brick-and-mortar branches and a reputation for top-notch customer service, but it was recently penalized for redlining.
Pros
- Loan options include government-backed mortgages and physician loans.
- Offers first-time home buyer grants to buyers in eligible locations.
- Highest scoring mortgage lender for customer satisfaction, according to J.D. Power.
Cons
- Mortgage rates aren't posted online.
- Online customer service requires contact information and phone is for existing customers only.
- Home equity loans and HELOCs are not available.
- Has been penalized for redlining.
Wells Fargo: NMLS#399801
4.5
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItWells Fargo has significant upsides and shortcomings. Sample rates are easy to view, assistance programs may apply and the lender earns solid scores in our rankings, but its consumer trust track record is rough.
Pros
- Sample rates are shown for various loan products, along with the type of borrower and loan that would get them.
- Offers generous down payment and closing cost assistance programs for qualified borrowers.
- Market leader in number of jumbo loans and refinances originated, according to the latest federal data.
- Rate-and-term refinance interest rates offered are lower than average, according to the latest federal data.
Cons
- Home loans business is broadly focused on existing bank customers.
- Doesn’t offer specialty home loans or equity borrowing (home equity loans or HELOC).
- Scandals and government actions have damaged consumer trust in recent years.
Why We Like ItU.S. Bank stands out for online convenience and impressive mortgage options, from government-backed loans to boutique mortgages. Home improvement loans and borrower assistance are available.
Pros
- Offers up to $17,500 in down payment and closing cost assistance.
- Wide variety of mortgage types.
- Experienced with construction-to-permanent and renovation loans.
Cons
- Assistance programs limited to select cities and states.
- Online rate tool doesn’t customize by credit score.
Why We Like ItUSAA is among the top five VA loan lenders by volume, though conventional loans are available, too. USAA membership is open only to current and former military and eligible family members.
Pros
- Wide range of VA options, including jumbo loans and refinancing.
- Offers a low-down payment loan for first-time home buyers.
- Offers 10-, 15-, 20- and 30-year repayment terms, which is unusually flexible.
Cons
- Average VA loan interest rates are less competitive than some other top VA lenders, according to the latest data.
- Does not offer home equity loans or HELOCs.
Navy Federal: NMLS#399807
5.0
Home loans overall
NerdWallet ratingNational / regional
National
Min. down payment
0%
Why We Like ItNavy Federal is known for VA lending, but it's the flexible VA-like loan options that truly stand out. While you don't have to be a current or former servicemember to take advantage of them, you will need a military connection to join the credit union.
Pros
- Offers unique no-down-payment and no mortgage insurance loan options for military and civilian borrowers.
- 24/7 customer service supports borrowers stationed overseas.
- Has both home equity loans and lines of credit.
Cons
- Borrowers must join the credit union before applying for a mortgage.
- Does not offer FHA, renovation or construction loans.
- We sometimes waited longer than 10 minutes before connecting with a customer service representative.
Why We Like ItLoanDepot is a large nonbank lender that offers the potential for a streamlined mortgage process and cash back, but to start an application or get a rate quote you must work with a loan officer over the phone.
Pros
- Offers a variety of repayment terms for fixed-rate loans.
- Does a substantial amount of business in FHA lending.
- mello smartloan product can streamline mortgage application, appraisal and title search.
Cons
- Interest rates are not available on the website.
- Origination fees are on the higher end, according to the latest federal data.
More from NerdWallet
Last updated on January 20, 2021
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
